Arsenal Shareholder Alisher Usmanov has increased his stakes in the club to more than 29 per cent.

The Uzbekistan billionaire is the second largest shareholder trailing in the wake of American Stan Kroenke, who also raised his holdings to 66.1 per cent which consequently triggered a mandatory offer for the remaining shares.

Usmanov initially turned down Kroenke's offer of £11,750 for each share, having made his own offer to buy out small investors at £14,000 per share.

He has been critical of the Arsenal board's role in recent times, after the club's failure to win a trophy stretched to six years when Birmingham beat them to the Carling Cup in February.